(1) Notwithstanding anything contained in the foregoing provisions of this Part, each of the following companies, namely:—

(i) the Punjab Export Corporation;

(ii) the Punjab State Small Industries Corporation;

(iii) the Punjab Dairy Development Corporation;

(iv) the Punjab Poultry Corporation;

(v) the Land Development and Seed Corporation;

(vi) the Industrial Development Corporation; and

(vii) the Agro-Industrial Corporation,

shall, on and from the appointed day and until otherwise provided for in any law, or in any agreement among the successor States, or in any direction issued by the Central Government, continue to function in the areas in which it was functioning immediately before that day; and the Central Government may from time to time issue such directions in relation to such functioning as it may deem fit, notwithstanding anything to the contrary contained in the Companies Act, 1956 (1 of 1956), or in any other law.

(2) Any directions issued under sub-section (1) in respect of a company referred to in that sub-section, may include directions—

(a) regarding the division of the interests and shares of the existing State of Punjab in the company among the successor States;

(b) requiring the reconstitution of the Board of Directors of the company so as to give adequate representation to all the successor States.